Investment Rating - The report maintains an "Outperform" rating for the chemical industry [2] Core Insights - The chemical industry is expected to benefit from anti-involution policies aimed at curbing disorderly competition and eliminating outdated production capacity, which may lead to a recovery in industrial product prices and positively impact PPI and CPI [6][11][17] - The report highlights the significant influence of the energy and chemical sectors on PPI, with their price fluctuations directly affecting overall industrial inflation levels [16] - The industry is under pressure from declining product prices and reduced capacity utilization, leading to a strong demand for anti-involution measures [17] - The current valuation of the chemical industry is at a historical low, providing substantial upside potential as the sector is expected to recover from its cyclical bottom [17][19] Summary by Sections 1. Importance of Inflation Recovery - The report emphasizes that the chemical sector is a crucial lever for inflation recovery, as evidenced by the PPI's continuous decline and the need for policy intervention to combat deflationary pressures [6][11] 2. Reasons to Focus on Chemicals - The energy and chemical sectors account for 25%-30% of PPI, making their price recovery vital for overall inflation [16] - The industry faces significant profitability challenges, with nearly 25% of chemical companies reporting losses in 2024 [17] 3. Paths for Anti-Involution in Chemicals 3.1. Active Approach: Industry Self-Regulation - Certain sub-industries, such as polyester filament and sucralose, are attempting to improve profitability through supply-side collaboration, benefiting from high concentration and low profitability [27][29] - The report identifies key chemical products likely to benefit from self-regulation, including polyester filament, polyester bottle chips, and organic silicon [29][31] 3.2. Passive Approach: Policy-Driven Industry Improvement - The report outlines a dual-track policy framework focusing on optimizing existing capacity and strictly controlling new projects to enhance the competitive landscape [27][31] - Historical experiences suggest that effective policy measures will include phasing out outdated facilities and enforcing stricter environmental regulations [27][31]

唐山三友化工股份有限公司 2025 年第二次临时股东大会 会 议 材 料 2025 年 8 月 20 日 | | | | 年第二次临时股东大会会议议程 2025 | 1 | | --- | --- | | 股东大会发言须知 | 3 | | 关于增加公司经营范围并规范表述的议案 | 4 | | 关于取消监事会的议案 | 6 | | 关于修订《公司章程》的议案 | 7 | | 关于修订《公司股东会议事规则》的议案 | 68 | | 关于修订《公司董事会议事规则》的议案 | 81 | 唐山三友化工股份有限公司 2025 年第二次临时股东大会会议议程 会议召开方式：现场投票与网络投票相结合 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 8 月 28 日至 2025 年 8 月 28 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30， 13:00-15:00；通过互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 现场会议召开时间：2025 年 8 月 28 日 10 ...

Investment Rating - The report maintains a "Recommended" rating for the basic chemical industry [1] Core Insights - The report highlights the price increases of lithium carbonate and photoinitiators, suggesting a potential recovery in the chemical industry driven by anti-involution trends [1] - The basic chemical sector has shown strong relative performance, with a 39.4% increase over the past 12 months compared to the 25.7% increase in the CSI 300 index [3] Summary by Sections Recent Trends - The report notes a decline in the Guohai Chemical Prosperity Index to 92.75 as of August 14, 2025, down 0.11 from August 7, 2025 [4] Investment Recommendations - Key opportunities identified include: 1. Low-cost expansion in companies such as Wanhua Chemical, Satellite Chemical, and others [5] 2. Improvement in industry prosperity for chromium salts, phosphate rock, and various chemical sectors [6] 3. Focus on new materials with high growth potential and low domestic substitution rates [7] 4. High dividend opportunities in state-owned enterprises like China Petroleum and Sinopec [8] Price Analysis of Key Products - Industrial-grade lithium carbonate price increased by 9.93% to 83,000 CNY/ton [10] - Photoinitiator (TPO) price rose by 5.56% to 95 CNY/kg [10] - Polyester filament price increased by 2.16% to 7,100 CNY/ton [10] Company Performance Tracking - Notable companies such as Zhenhua Co. reported a 10.17% increase in revenue for the first half of 2025 [13] - Wanhua Chemical's pure MDI price was reported at 17,900 CNY/ton, with a slight increase [11] Market Observations - The report indicates a potential inventory replenishment cycle in the chemical sector due to anticipated fiscal policy support in China and the US [29]

Group 1 - The core viewpoint of the article highlights the projected decline in China's raw salt production by 17% in June 2025, with a cumulative production increase of 4.4% in the first half of 2025 [1] - The article references several listed companies in the salt industry, including Su Yan Jingshen, Zhongyan Chemical, and Xue Tian Salt Industry, indicating their relevance to the market analysis [1] - A report by Zhiyan Consulting forecasts the supply and demand dynamics of the raw salt industry in China from 2025 to 2031, suggesting potential investment opportunities [1] Group 2 - According to data from the National Bureau of Statistics, China's raw salt production in June 2025 is expected to be 6.98 million tons [1] - The cumulative raw salt production for the first half of 2025 is projected to reach 29.83 million tons [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, providing comprehensive industry research reports and tailored services [3]

Investment Rating - The report maintains a positive outlook on the organic silicon industry, indicating a potential recovery in profitability and a favorable supply-demand balance [4][5]. Core Insights - The organic silicon industry is experiencing a structural transformation, with a significant shift in demand from traditional sectors like real estate to emerging sectors such as new energy vehicles and photovoltaics, which are expected to drive double-digit growth in domestic consumption [4][5][55]. - Domestic consumption of organic silicon DMC is projected to reach 1.82 million tons in 2024, reflecting a year-on-year increase of 21%, with a further increase to 1 million tons in the first half of 2025, marking a 24% growth [4][6][31]. - The report highlights that while the construction sector's contribution to organic silicon demand is declining, the demand from new energy vehicles and photovoltaics remains robust, supporting overall industry growth [4][5][55]. Summary by Sections 1. Organic Silicon: Superior Material for National Economy - Organic silicon materials are characterized by their unique Si-C bonds and are widely used across various sectors, including construction, electronics, and automotive [4][14][17]. 2. Resonance of Domestic and Foreign Demand Boosts Prosperity, New Energy Catalyzes Incremental Demand 2.1 Sustained High Demand and Upgrading Consumption Structure - China's organic silicon consumption accounts for approximately 60% of global demand, with significant growth potential in emerging markets [4][31][60]. 2.2 Construction Impact Slowing, New Energy Drives Incremental Domestic Demand - The construction sector's share of organic silicon demand has decreased from 31% in 2022 to 25% in 2024, while sectors like new energy vehicles and photovoltaics are experiencing rapid growth [4][31][36]. 2.3 Strong Overseas Demand Boosts Exports, China Expected to Continue Capturing Overseas Market Share - Domestic exports of polysiloxane reached 545,600 tons in 2024, a 34% increase year-on-year, with expectations for continued growth driven by cost advantages [4][60][61]. 3. Reduction of Overseas Capacity, Domestic Capacity Peaks, Deep Processing Highlights Bottom Value 3.1 Overseas Capacity Expected to Exit - The report notes that overseas organic silicon DMC capacity is expected to decline due to cost and environmental factors, creating opportunities for domestic producers [4][5][60]. 3.2 Domestic Expansion Cycle Concludes - Domestic organic silicon DMC capacity is projected to reach 3.44 million tons by the end of 2024, nearly doubling since 2020, with the expansion cycle now concluded [4][5][60]. 3.3 Intermediate Cost Curve Flat, Industry Widespread Losses - The report indicates that while some companies may enhance profitability through downstream processing, the overall sector has faced prolonged losses, highlighting a strong demand for profitability recovery [4][5][60]. 4. Supply-Demand Inflection Point Evident, Historical Elasticity Significant - The report suggests that the supply-demand balance is improving, with domestic operating rates expected to rise from 67% in 2024 to 76% and 83% in 2025 and 2026, respectively [4][5][60]. 5. Profit Forecast and Investment Recommendations - The report recommends focusing on integrated companies with scale advantages and strong downstream processing capabilities, such as Hoshine Silicon Industry, Dongyue Silicone Materials, and Xingsheng Group [4][5][60].

证券日报网讯 8月12日晚间，三友化工发布公告称，公司2025年第五次临时董事会会议审议通过了《关 于增加公司经营范围并规范表述的议案》等多项议案。 （文章来源：证券日报） ...

Group 1 - The company, Sanyou Chemical, announced the convening of its fifth extraordinary board meeting for 2025 on August 12, 2025, to discuss the revision of the company's board meeting rules and other documents [2] - For the year 2024, the revenue composition of Sanyou Chemical is as follows: chemicals and chemical fibers account for 104.2%, electricity and steam account for 7.2%, mining accounts for 3.0%, other businesses account for 2.01%, and internal offsets account for -16.41% [2]

股东会议事规则 唐山三友化工股份有限公司 第四条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第二章 一般规定 第五条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的六个月内举行。 第六条 临时股东会不定期召开，出现下列情形之一的，公司应当在事实发 生之日起两个月以内召开临时股东会： （2025 年 8 月修订） 第一章 总则 第一条 为了进一步完善唐山三友化工股份有限公司（以下简称"公司"）法 人治理，保证股东会依法行使职权，根据《中华人民共和国公司法》（以下简称 《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）《上市公司 股东会规则》（2025 年修订）和《公司章程》的规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、本规则及《公司章程》的相关 规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 （一）董事人数不足 10 人时； （二）公司未弥补的亏损达实收股本总 ...

第二条 董事会办公室 公司证券部为董事会办公室，处理董事会日常事务。 第三条 定期会议 董事会会议分为定期会议和临时会议。 董事会每年至少召开两次定期会议，由董事长召集，于会议召开十日前书面 通知全体董事。 第四条 定期会议的提案 唐山三友化工股份有限公司 董事会议事规则 （2025 年 8 月修订） 第一条 宗旨 为了进一步规范本公司董事会的议事方式和决策程序，促使董事和董事会有 效地履行其职责，提高董事会规范运作和科学决策水平，根据《公司法》《证券 法》《上市公司治理准则》《上海证券交易所股票上市规则》《上海证券交易所上 市公司自律监管指引第 1 号——规范运作》等有关规定，制订本规则。 有下列情形之一的，董事会应当召开临时会议： （四）法律、法规或者本公司《公司章程》规定的其他情形。 第六条 临时会议的提议程序 按照前条规定提议召开董事会临时会议的，应当通过董事会秘书或者直接向 董事长提交经提议人签字（盖章）的书面提议。书面提议中应当载明下列事项： （一）代表十分之一以上表决权的股东提议时； （二）三分之一以上董事联名提议时； （三）审计委员会提议时； （一）提议人的姓名或者名称； （二）提议理由或者提 ...

| 第二章 | | 经营宗旨和范围 | 3 | | --- | --- | --- | --- | | 第三章 | 股 | 份 | 4 | | 第一节 | | 股份发行 | 4 | | 第二节 | | 股份增减和回购 | 5 | | 第三节 | | 股份转让 | 5 | | 第四章 | | 股东和股东会 | 6 | | 第一节 | | 股东的一般规定 | 6 | | 第二节 | | 控股股东和实际控制人 | 8 | | 第三节 | | 股东会的一般规定 | 9 | | 第四节 | | 股东会的召集 | 10 | | 第五节 | | 股东会的提案与通知 | 11 | | 第六节 | | 股东会的召开 | 12 | | 第七节 | | 股东会的表决和决议 | 14 | | 第五章 | 党 | 委 | 16 | | 第六章 | | 董事和董事会 | 18 | | 第一节 | | 董事的一般规定 | 18 | | 第二节 | | 董事会 | 20 | | 第三节 | | 独立董事 | 22 | | 第四节 | | 董事会专门委员会 | 24 | | 第七章 | | 高级管理人员 | 25 | | 第八章 | | 财务 ...